"It is/has been 40 years since I left college"

Which one of 'is' and 'has been' should be preferred in above sentence and why?


"It's been" a.k.a. "It has been" would be preferred because it's past tense.

"It's" can be used present tense or past tense.

e.g. "It is good" = "It's good"

e.g. "It has been" = "It's been seven hours and fifteen days..." ("Nothing Compares to You" song)

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